Sensex recovers initial losses, up by 21 pts
The BSE benchmark index resumes lower at 17,020.79 and immediately drops to a low of 16,974.62 before rebounding to quote at 17,101.94.Updated: May 09, 2008 12:51 IST
The stock market opened weak on the back of sustained weakness in Asian markets, but recovered later on weekend short-coverings and the benchmark Sensex was up by 21 points on Friday.
The Bombay Stock Exchange 30-share barometer resumed lower at 17,020.79 and immediately dropped to a low of 16,974.62 before rebounding to quote at 17,101.94, a rise of 21.29 points over previous close of 17,080.65.
The Sensex had registered a loss of 519.47 points or 2.95 per cent in last successive four sessions.
The 50-issue Nifty of the National Stock Exchange was quoted better by 5.90 points to 5,081.70 at 10.30 am from last close.
Although most of the Asian markets were trading in the red this morning, the Dow Jones Industrial Average and the tech-laden Nasdaq Composite Index registered gains last night.
A relentless surge in the global crude oil prices to a new peak above 124 dollar a barrel mainly weighed on the market sentiment.
Foreign Institutional Investors (FIIs) sold shares worth Rs 724.49 crore yesterday as per provisional figures.